JV between Sapura Energy and OMV

LXL has advised Sapura Energy on its agreement to establish a joint venture with Austrian based major oil and gas company, OMV. Under the agreements, OMV exploration and production pays Sapura US$540 million for a 50% stake of the issued share capital in a newly-formed company, SEB Upstream Sdn Bhd. This is based on a total enterprise value of up to $1.6 billion which comprises an equity value of up to US$1.250 million and debt of US$350 million. The parties agreed to an additional consideration of up to US$85 million based on certain conditions and both parties have also agreed to refinance the exiting intercompany debt of US$350 million.

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